Insurance

Sumitomo Life Acquires Full Ownership of Singlife

Singapore's insurer Singlife has transitioned to become entirely owned by Japan's Sumitomo Life after receiving the green light from regulatory authorities. This move places Singlife's valuation at S$4.6 billion, or approximately $3.4 billion. The shift to full ownership by Sumitomo Life is set to leave Singlife's operations, including its branding, leadership, and product offerings, unchanged.

Starting in 2019, Sumitomo Life made its initial investment in Singlife and stepped up its involvement in December 2023 by proposing to acquire shares from various investors. This included purchasing about 35% of the company from the Texas-based private equity group TPG. For Sumitomo Life, acquiring Singlife is a strategic move, underscoring Singapore's crucial role in its broader Asian expansion ambitions.

Singlife's chairman, Ray Ferguson, reflected on the company's evolution and the significant milestone of joining the Sumitomo Life family. He acknowledged the contributions of TPG, Aviva, IPGL, and other stakeholders in supporting Singlife's journey to its current position.